Federal Employee Group Life Insurance

As a federal employee, one of the benefits you may be eligible for is group life insurance. This insurance provides financial support to your designated beneficiary in the event of your death. In this article, we’ll explore the details of federal employee group life insurance, including coverage options, eligibility requirements, and frequently asked questions.

Coverage Options

There are two types of coverage options for federal employee group life insurance: Basic and Optional. Here’s a breakdown of each:

Basic Coverage

All eligible federal employees automatically receive Basic coverage. This coverage amount is equal to your salary rounded up to the nearest thousand, plus an additional $2,000. For example, if your salary is $45,500, your Basic coverage amount would be $48,000 ($45,000 + $2,000).

It’s important to note that Basic coverage does not offer any additional features, such as accidental death and dismemberment coverage.

Basic coverage premiums are based on your age, salary, and smoking status. The premiums are deducted from your paycheck and are subject to change annually.

Optional Coverage

In addition to Basic coverage, you have the option to purchase Optional coverage. This coverage provides you with additional protection and features, such as:

• Accidental Death and Dismemberment coverage
• Living benefits (i.e., the ability to access a portion of your death benefit while you’re still alive if you become terminally ill)
• Spousal coverage (i.e., coverage for your spouse)
• Child coverage (i.e., coverage for your children)

The amount of Optional coverage you can purchase depends on your salary and can range from $10,000 to $500,000.

Optional coverage premiums are based on your age and smoker status. The premiums are also deducted from your paycheck and are subject to change annually.

Eligibility Requirements

In order to be eligible for federal employee group life insurance, you must meet the following criteria:

• You must be a federal employee
• You must be in a position that’s expected to last at least one year
• You must be enrolled in a qualifying retirement system

If you meet these criteria, you’re automatically enrolled in Basic coverage. To enroll in Optional coverage, you must complete an enrollment form and submit it to your human resources department within 60 days of becoming eligible.

FAQ

How much does federal employee group life insurance cost?

The cost of federal employee group life insurance depends on your coverage level, age, and smoker status. Basic coverage is automatically deducted from your paycheck and is subject to change annually. Optional coverage premiums are also deducted from your paycheck and are subject to change annually.

Can I change my coverage level?

Yes, you can change your coverage level during the Open Season enrollment period, which typically occurs in November and December. You can also change your coverage level if you experience a qualifying life event, such as getting married, having a child, or divorcing.

What happens to my coverage if I leave federal service?

If you leave federal service, you can convert your Basic and Optional coverage to an individual policy within 31 days of leaving. There are no medical questions or exams required to convert your coverage, but the premiums will be based on your age and smoker status at the time of conversion.

Now that you have a better understanding of federal employee group life insurance, you can make informed decisions about your coverage options. Remember to review your coverage periodically to ensure it meets your needs and make changes as necessary.